We consider a layered system of fermionic molecules with permanent dipole moments aligned by an external field. The dipole interactions between fermions in adjacent layers are attractive and induce inter-layer pairing. Due to competition for pairing among adjacent layers, the mean-field ground state of the layered system is a dimerized superfluid, with pairing only between every-other layer. We construct an effective Ising-XY lattice model that describes the interplay between dimerization and superfluid phase fluctuations. In addition to the dimerized superfluid ground state, and high temperature normal state, at intermediate temperature, we find an unusual dimerized "pseudogap" state with only short-range phase coherence. We propose light scattering experiments to detect dimerization.